Merseyside Pension Fund goes with Northern Trust for global custody

Merseyside Pension Fund, Liverpool, England, hired Northern Trust as global custodian, according to a spokesman for the £5.2 billion ($8.3 billion) pension fund.

Northern Trust will replace State Street Corp. (STT), whose contract expires on Jan. 1. It was not known if State Street rebid.

The global custody mandate will cover about £4.5 billion of Merseyside's assets, excluding investments such as direct real estate, according to the spokesman.